Top Fintech Companies In The Nordic Region

02/10/2017 | By Jernej Dekleva

This post originally appeared on

In the last few months, I have been paying closer attention to Fintech scene in the Nordics. Not surprisingly, The Nordic region is the second largest Fintech community in Europe. It closely follows the UK, having raised an estimated 150 million dollars in venture funding in 2015. The Nordic region consists of Norway, Finland, Iceland, Sweden, and Denmark.

Here are but a few Fintech companies that top the list of the Nordic region's most notable.

1. Klarna

Based: Stockholm, Sweden

Founders: Sebastian Siemiatkowski, Niklas Adalberth, and Victor Jacobsson

Founded: 2005

Raised:$ 291.3 million

This Swedish Fintech company provides online payment services for storefronts. Their business model involves letting customers “buy” goods from online stores by simply inputting their postcode and email. The buyer then gets notified to fill in payment and delivery details, while Klarna pays the seller. Klarna later claims the money from the buyer. This differs from other online retail companies in that Klarna bears the risk, taking it away from the seller and buyer. Klarna handles about 40% of all e-commerce sales that take place in Sweden.

2. Izettle

Based: Stockholm, Sweden

Founders: Jacob de Geer, Magnus Nilsson

Founded: 2010

Raised:$ 244 million

This is a Fintech company that offers its services primarily for small businesses. Its aim is to democratize and simplify payments. It also offers services such as point of sales, partners applications, and payments. Notably, it was the first company to develop a chip-card reader and an app for use by smartphone users. Not only can this be used in the Nordic region but globally too as it meets international standards.

3. Meninga

Based: Reykjavik, Iceland.

Founders: Georg Ludviksson

Founded: 2009

Raised:$ 6.5 million

Meninga's aim is to transform the way banks and advertisers use transaction data. It builds personal finance management tools to sell to banks who then give to their customers. It has worked with banks worldwide, having a consumer base of over 40 million. The main tools they work with are big data, operational benchmarking, analytics and predictive models.

4. Tink

Based: Stockholm, Sweden

Founders: Daniel Kjellén, Fredrik Hedberg

Founded: 2012

Raised:$ 14.17 million

Tink is a free app that helps users manage their finances. What's amazing about it that rather than having to manually input all your financial data into the app, Tink can automatically sync with your financial services. It is able to categorize and analyze your spending over a period of time. They also offer the service of paying your bills and inter-bank transfers. Tink has over 35,000 users in Sweden and is now expanding to cover all of Europe.

5. Trustly

Based: Stockholm, Sweden

Founders: Carl Wilson, Joel Jakobsson, Lukas Gratte

Founded: 2008

Raised:$ 30 million

Trustly offers solutions for online Banking ePayments by use of its direct payments technology. The customer simply passes his banking credentials to Trustly, who makes purchases on their behalf. It assumes most of the risk from the customer or store. The company's online payment solutions were implemented in over 800 stores in Europe and reaching more than 67 million consumers in 2016.

6. BehavioSec

Based: Lulea, Sweden

Founders: Olov Renberg

Founded: 2007

Raised:$8.2 million

BahavioSec is definitely a company to watch out for. It uses biometric security that allows banks to tells who you are just by how to type, move your mouse or touch your phone. This is taking it a notch higher compared to the usual fingerprint and retinal scans that we are used to seeing. They have offices throughout Europe and even in Hong Kong.

7. Auka

Based: Oslo, Norway

Founders: Daniel Döderlein

Founded: 2010

Raised:$ 11.5 million

Auka was originally known as mCash but rebranded to Auka. It built a payment app that allows people to pay their friends or even stores from their phones or tablets. It works hand in hand with Norway's second-largest bank and has about 500,000 customers in the country.


Also, the Fintech space has clearly grown and is booming in the Nordic Region, in the future, it would be good to see an expansion into and collaboration with the global Fintech ecosystem. More and more Fintech startups are emerging just from Copenhagen region alone.

This blog post originally appeared on LinkedIn.

At Startup Weekend Copenhagen, together with a dedicated team of local organizers, we are organizing FinTech Edition in March 2017. Visit our webpage for more information. Also feel free to drop us a line or tweet @cphsw